We are financing the energy transition
Onshore and offshore wind farms, solar and hydroelectric power projects and efficient, state-of-the-art gas-fired power plants – for many years now we have financed projects that will contribute to a successful energy transition. With our focus on future technologies, we are enabling sustainable power supplies to be organised on a decentralised basis worldwide.
Our achievements during 2022
During the past year we were active around the world – after all, regardless of where in the world the generation of electricity from renewable sources is being expanded, the global climate benefits.
- Opening up new spaces: Offshore wind farms on fixed foundations are only technically feasible and commercially viable up to a certain water depth – but the use of floating offshore wind farms will open up deeper waters. This presents an opportunity to expand wind power to a much greater degree and accelerate the decarbonisation of energy generation worldwide. By financing the Leucate floating offshore wind farm in the French Mediterranean we are supporting one of the first pioneering wind projects for this emerging technology.
- A greener Big Apple: A 339-mile long 1.25-GW capacity transmission line will soon provide New York City with “green” electricity from existing Canadian hydropower plants. The project, co-financed by KfW IPEX-Bank, will meet around 20 per cent of New York City’s electricity needs, save around 3.9 million tonnes of CO2 annually and reduce local air pollution by 20 per cent, as the transmission line will replace thermal power plants as the primary source of local power generation for New York City.
- Ensuring security of supply: Belgium is phasing out the use of nuclear energy to generate power, with the exit scheduled to take place by 2035. The Belgium government anticipates a supply shortfall of 3.6 GW (base load). Luminus, a new, highly efficient base load gas-fired power plant with installed capacity of 870 MW, which has been co-financed by KfW IPEX-Bank, should help to offset this deficit. At the same time, the use of renewable energy sources will also be increased.
- 750,000 households: To produce this much energy, the Golden Plains wind farm in Australia needs 228 turbines, enabling the total installed capacity of Australia’s largest wind farm to reach 1.3 GW. In addition, there are plans to install a battery storage system with a capacity of 300 MW, which is intended to contribute to the flexibility and stability of the grid.
Our plans for 2023
Going forward, KfW IPEX-Bank will continue to focus on financing projects related to energy and the environment, in order to play an active role in shaping a successful energy transition. Our objective is to work with our clients to ensure security of supply while gradually and markedly increasing the share of renewable energies in the energy mix.
Clean energy: wind farm Golden Plains and hydropower for New York City
Contact: Peter Purkl,
Global Head of Energy
60325 Frankfurt am Main
Phone:+49 (0) 69 74 31-2917
The information contained in this online Annual Report 2022 is based on KfW IPEX-Bank’s Management Report 2022, which you can download . Should this online Annual Report 2022, despite the great care taken in preparation of its content, contain any contradictions or errors compared to the Management Report, KfW IPEX-Bank’s Management Report 2022 takes priority.